- Montana’s Bitcoin Reserve Bill failed in a 41-59 house voice, ending the prospect.
- Twenty American states continue to promote legislation on similar Bitcoin reserve despite the rejection of Montana.
Like the race to establish a bitcoin [BTC] Reserve is gaining strength in various American states, inspired by Donald Trump’s vision for a national strategic Bitcoin reserve, “Montana has hit an unexpected road barrier.
The ambitious bill No. 429 of the State, which aimed to make a special income for investments in precious metals, stablecoins and digital assets with high market cap, false To free up the House of Representatives.
Although BTC is the only assets that meet the strict market capital requirement of $ 750 billion, the proposal was brought down in a vote of 41-59, with various Republicans opposing the measure during the last floor.
Why did Montana legislators reject the Bitcoin Reserve Bill?
State Representative Steven Kelly, who spoke on February 22 in Montana’s House Floor session, said, said,
“It is still tax money, and we are responsible for it, and we have to protect it.”
He added,
“This type of investment is far too risky.”
For those who are not aware, a change was introduced to finance the bill with the help of the interest earned with the Anucose Rescue Plan Act, but could not get sufficient support.
While the majority of the Republicans supported the measure, with 40 votes before, 18 opposed it – with the unanimous resistance of Democrats.
Other execs share similar sentiments
Representative Lee Deming, however, emphasized that the bill aimed to achieve better returns on taxpayers.
During the floor acid of the house, Deming argued that if the state had money on taxpayers, it would have a responsibility to maximize the return for the benefit of the public.
Explaining his support for the account, added, added,
“If we are going to keep the money from the taxpayer, I think we owe it to the taxpayers to get such a high return on that money that is there, either that or you give it back, so I will go to that reason to vote for that reason. “
While representative Bill Mercer expressed his concern about granting the Montana Council of Investments the authority to invest in cryptocurrencies and NFTs.
He said,
“I didn’t come here to do that.”
While another legislator added,
“This smokes in speculation for me.”
That is why, despite some legislators who recognize the potential of house account no. 429, to evoke further changes, were not enough to secure the passage.
The recent step of Montana is in contradiction with the approach of other states
The bill, which was previously demanded by the Montana business and labor committee with full Republican support, eventually failed in the house and ended the prospects for now.
As a result, a Bitcoin Reserve initiative should be presented again in future sessions, new legislation must be proposed.
In the meantime, 24 states in the US pursue a similar legislation, with 20 accounts that are still active in states such as Arizona, Texas and Ohio.
Montana is now joining Wyoming, North Dakota and Pennsylvania as one of the few states that rejects such proposals, even if other states, including Utah and Arizona, push their bills forward for the debate about Senate.